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Today, the Departments of Justice and Housing and Urban Development – along with 49 state attorneys general and other federal agencies – have reached a landmark $25 billion agreement with the nation’s five largest mortgage servicers: Bank of America, JPMorgan Chase & Co., Wells Fargo & Company, Citibank, and Ally Financial, which was formerly GMAC.

This agreement reflects our commitment – at both the federal and state levels – to ensure justice, and to recover losses, for victims of reckless and abusive mortgage practices. In addition to addressing many of the most egregious mortgage loan servicing abuses that our investigations have uncovered, this agreement establishes significant new homeowner protections to help prevent future misconduct. It also provides substantial financial assistance to victim borrowers. In fact, it is the largest joint federal-state civil settlement in history.

Although every American can be encouraged by today’s settlement and the progress it achieves, I realize more work must be done. That’s why we have taken steps to ensure that the claims we are releasing through this settlement will not interfere with our ability to move current investigations and prosecutions forward – and to advance the work of the Financial Fraud Enforcement Task Force.